Hello everyone,
First off im young and this is just the start of my homework so please bare with me. Situated in W.A and attending uni, at the moment I don't have enough income to support loan repayments so i have a 3 year plan. This involves finishing my degree in commerce and business law hopefully have 20/30k saved and then have a steady income hopefully of a reasonable level. Ideas im toying with at the moment with some close friends is pooling our resources and getting some properties and renting them out. I'm going to make a huge assumption and suggest that maybe forming a company would be the way to go here? If so can anyone recommend a source of information to get started looking at how everything works (securing loans, voting rights and making repayments etc.) and if it isnt the way to go please stop me from wasting precious time researching it! All your time and efforts are greatly appreciated. Thank you.
Companies do not get the capital gains tax concessions when the property is held more than 12 months.
Possibly a unit trust with a company as trustee.
What if someone's circumstances change and they want to get out. What happens if someone can't meet an ongoing financial commitment? There are a lot of issues to consider with a joint venture.
masond wrote:Hello everyone,First off im young and this is just the start of my homework so please bare with me. Situated in W.A and attending uni, at the moment I don't have enough income to support loan repayments so i have a 3 year plan. This involves finishing my degree in commerce and business law hopefully have 20/30k saved and then have a steady income hopefully of a reasonable level. Ideas im toying with at the moment with some close friends is pooling our resources and getting some properties and renting them out. I'm going to make a huge assumption and suggest that maybe forming a company would be the way to go here? If so can anyone recommend a source of information to get started looking at how everything works (securing loans, voting rights and making repayments etc.) and if it isnt the way to go please stop me from wasting precious time researching it! All your time and efforts are greatly appreciated. Thank you.
I too have asked this similar question, you might like to look at my replies from other members.
Good luck with it all.
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